Sunday, December 16, 2007
Maybe not all but quite a few roads lead to Goldmans - redux
It's nice to see that my old spooky psychic powers haven't eluded me
A couple of days ago I slap up a post whittering on about Northern Rock and the not so Hidden of the Market that is Goldman Sachs and today I discover (via Lord Patel) that Goldman Sachs have been 'hired to aid Northern Rock rescue'
Well fancy, fancy that
This decision on the part of HM Treasury?/ The Bank of England/? Northern Rock's board?, which is somewhat akin to putting Vlad the Impaler in charge of a blood bank, has apparently been made because of Goldman's 'global reach'
which is one way of explaining how the world really works I suppose
but, fret not children, we won't be footing Goldman's bill (the least of the opportunities they now have to make lots of luvvly, luvvly money out of Northern Rock) because...
"The Treasury spokesman said the U.S. bank's fees would be paid by Northern Rock."
because, as we all know, Northern Rock has got loads of spare cash knocking around to pay Goldman's fees
Oooh, oooh, the pyschic powers are tingling again
...and they're not telling me happy things
As I, and others, have said to anyone who would listen to us, like the Titanic when it was first holed, there was an almost mathematical certainty about Northern Rock's fate which none of the distractive bullshit of the last three months could change. An unbelievably large sum of money has been effectively stolen from all of us in broad daylight and it seems more than likely that the perpetrators are going to get away with it.
And there is every reason to believe that Northern Rock is not the end of it.